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The rotating 5% bonus categories on the Discover it® Student Cash Back offers a serious boost to your cash-back earning power. It also has a great first-year anniversary bonus.
Rewards: Earn 5% cash back on everyday purchases at different places each quarter like grocery stores, restaurants, gas stations and more, up to the quarterly maximum once activated. Plus, earn unlimited 1% cash back on all other purchases.
Welcome offer: Unlimited Cashback Match™ – Discover will match all the cash back you’ve earned at the end of your first year. There’s no minimum spending or maximum rewards.
Annual fee: $0
Foreign transaction fee: None
Other benefits and drawbacks: There are a couple of things to keep in mind with this credit card. The first is that the rotating bonus categories are subject to a quarterly cap of $1,500 in purchases. Once you surpass that quarterly cap in bonus category spending, you’ll only earn 1% back on purchases in that category.
Second, although Discover is catching up in terms of acceptance at international merchants, it’s still not as widely accepted as Visa or Mastercard. Depending on where you will be living abroad, it’s a good idea to check to make sure Discover is generally accepted in the area.